Here in Wisconsin, home prices increased by 6.6 percent compared to last year, with a median selling price of $306,900.
To many people, the image of a nuclear family in a stand-alone house with a green lawn and white picket fence still represents a fulfillment of the American dream.
To address its growing shortage of affordable housing, Wisconsin needs to build 120,000 additional rental units, Elmer Moore Jr., CEO of the Wisconsin Housing and Economic Development Authority (WHEDA), told an Assembly committee at a public hearing Thursday.
Housing costs, including rental prices, are on the path to stabilizing but evidence of this won’t show up in inflation measures anytime soon, economists say.
The average rent nationwide for a one-bedroom home is $1,105 per month and $1,342 for a two-bedroom home.
The national homeownership rate, or the share of housing units occupied by their owner, made the largest recorded quarterly increase at 2.6 percentage points from Q1 to Q2 of 2020, and the country saw 2.1 million new homeowners by the end of 2020.